1. Set out the differences between sole traders, partnerships and limited companies. What are the benefits of each type of ownership? What are the drawbacks?
2. What are the main budget factors that a new business should take into consideration? What factors would Tim O’Neill, the founder of T&T Vision, have considered?
3. What are the key sources of finance for business start-ups? Suggest an idea that could turn into a business proposition. How would it be possible to finance the new business?
4. Based on the idea produced in answer to question 3, what are the main difficulties that might arise in trying to establish a new business?